IIM ROHTAK H U M A N E - R CLUB P re s e n ts
H R BULLETIN VOLUME 88
humane.r@iimrohtak.ac.in
H U M A N E - R | V O L U M E 88
HR BULLETIN
HR’s role is beyond fun and games and attracting the right talent Every organisation has its own approach to culture, depending on its size, vision, goals, and several other factors. Any organisation should have a four-pronged ‘People First’ approach towards building its culture. 2021 marks the exodus in the corporate ecosystem. In the United States, 11.5 million individuals decided to resign from their jobs. The pandemic has given us all the unique opportunity to reprioritize our lives. Employees are now looking for more than just pay and perks. Culture is the new corporate king. History always repeats itself. 1921 was the year of healing and growth. After the first World War, an exodus of talent
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moved into the New World in the hope of a better tomorrow. The last seven years have seen political rebellions and revolutions, people taking to the streets to fight injustice. A parallel gender & equality war has been occurring in workplaces globally. The right culture will attract the right talent. However, companies often assume culture to be monolithic. Like the individuals that compose a unit, culture is resistant to change. The leaders of this frontier - the managers of Human Resources - bear the great responsibility of heralding a new era of sustainable, organic, and healthy work culture. Every organisation has its own approach to culture, depending on its size, vision, goals, and several other factors. Any organisation should have a four-pronged ‘People First’ approach towards building its culture. Founding Values: Like charity, everything begins at home. How you treat your family reflects on how you treat your guests. Clients and teammates should be respected alike. Talent Philosophy: During recruitment, and in every other major decision, talent is always given preference over archaic traditions such as hierarchy. Policies & Benefits: Every aspect of the team’s well-being is looked after with great importance given to health physical, mental, and intellectual. Healthy workplaces are happy workplaces. Leadership: Reversing the standard trope is necessary for effective change. Everyone is a leader; everyone is a mentor. Experience, of course, matters. But ego is best to bid farewell to. The practical role of HR The baton relay of this cultural dawn begins with HR leaders, the architects of a systematic and personalised employee experience. They manage the most vital and dynamic of resources. The foundation for this new world is laid in the hallowed meeting rooms of HR professionals. Activities that build the employee, not just the community Change begins by evaluating the present culture. Companies then ensure that the stakeholders are all on the same page regarding the changing culture. They recognize existing gaps and identify opportunities. They constantly put themselves in the shoes of every employee. Personalising the employee experience helps with better engagement. The focus is always on the bigger picture. Individual contributions are of course highlighted, but the goal is common, and individuals begin to think as a team, instead of seeking gratification from their seniors. HR is open, transparent, and most importantly, inclusive. The leadership mindset is ‘what is in it for the individual’ instead of ‘what is the individual willing to offer’. This increases transparency and puts the onus on employees to engage constructively with their leaders and learn from their challenges. On the flip side, leaders make employees feel important and discuss their aspirations, interests, and areas of improvement in a two-way exchange of information. Town halls and feedback forums are a great way of ensuring this flow of communication. Technology is at the centre of every operation a business does today. Companies should have a team engagement platform that focuses on their culture, ways of working, and success metrics. For any employee, such a platform showcases the spirit of how their organisation delivers value to its clients and its teams and at the sametime fosters an environment that encourages them to explore, learn, innovate, and have fun. Recruit with the goals in mind Hiring the right talent can impact the company both economically and culturally. A recruitment process that is redesigned to accommodate an influx of ideas instead of a one-size-fits-all approach towards job descriptions can make all the difference. Healthy work balances life 51 percent of employees surveyed globally as of 2021 put work-life balance at the top of their priorities when taking on an employment. Flexible work timings, “no questions asked” leaves, robust healthcare & welfare assistance, and an understanding of team members beyond the confines of the job - these are some ways the team can be taken care of. Freeing them up from the concerns of everyday life and the rigours of daily commutes can help them focus on their work better and build a culture based on high performance and happy teams…
Read more at: https://www.peoplematters.in/article/strategic-hr/hrs-role-isbeyond-fun-and-games-and-attracting-the-right-talent33243?media_type=article&subcat=talent-management&title=hrs-role-isbeyond-fun-and-games-and-attracting-the-right-talent&id=33243 3
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Evolving beyond an Archaic Era: Is it the end of Nine to Five? The beginning of 2022 marks the completion of two years of the global pandemic economy. The COVID-19 pandemic has taken on many labels during this period, but a key one to consider for businesses operating within this economy is that of ‘The Great Accelerator.’ It has been a watershed moment for working professionals. The previous decade was already seeing employees trend towards choosing purpose-driven careers that offer personal fulfilment. The added stresses of the pandemic, which include salary cuts, layoffs, hiring freezes, and a hold on career progression, have amplified this growing sentiment - resulting in what we now know as ‘The Great Resignation’. The modern corporate workplace has thus experienced a tangible paradigm shift. It is a worker’s market, and the initiative is on employers to attract and retain the multitudes of talent that is looking to upgrade from the archaic routine. Talent is more readily available today, but also commands a premium in the forms of flexible working hours, remote working opportunities, positive work culture, and opportunities for growth and upskilling. The old language and processes of management no longer apply in the new dynamic. As an increasing number of employers consider hybrid models of work, the median expectations have shifted to view remote work as not just optimum, but also as the default. It means the death of the 9 to 5 and the cubicle lifestyles which have long been hallmarks of the corporate workspace. Workplaces must be deconstructed and rebuilt to fit into the new ecosystem, where every employee functions as an autonomous extension of their team…
Read more at: https://www.peoplematters.in/article/strategic-hr/evolvingbeyond-an-archaic-era-is-it-the-end-of-nine-to-five-33241
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How to promote diversity & inclusion in the fintech industry? Reports also showcase that fintech businesses usually receive lower applications from female candidates for most of the roles. The fintech industry in India has grown by leaps and bounds over the years and is now the third largest in the World after the USA and China. In an industry where growth is rapid and times are ever-changing, diversity and inclusion are key drivers for innovation and shaping businesses differently. Diversity and Inclusion are no longer a new set of terms in the industry or in boardrooms however, there is a long way to go as we have just scratched the surface. Global reports suggest that only around 30% of the Fintech workforce is female, and the percentage grows steeper at the leadership level. This clearly shows the gap companies need to fill at all levels. While most organizations across various industries have started working on their policies, there is a need for robust internal and external changes to bridge the gap. The Financial services industry has primarily been a male-dominated one and it still reflects a major gap in present times. Studies suggest that women founders account for only 1.5% in the fintech space globally. Though the numbers are not very large, the sector has seen some steady growth in women representation. In India, there are 11 fintech firms that turned into unicorns last year, out of which 3 unicorns are led by women and many others are waiting to join the league. It is time we focus our shift from conventional thinking to bring a change in the status quo. For an equal representation, organizations need to take steps across all levels of an organization from stem level to senior roles. Here are some steps that can help us answer how to achieve diversity and inclusion at the workplace…
Read more at: https://www.peoplematters.in/article/diversity/how-to-promotediversity-inclusion-in-the-fintech-industry-33192
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Why majority of UK businesses are switching to four-day work weeks Businesses that have implemented a four-day week are already reaping significant financial benefits, with those polled claiming to have saved an estimated £104 billion, finds a study. 65% of UK businesses surveyed are now implementing a four-day working week for some, or all, of their employees, compared to 50% who responded to a survey in 2019. COVID-19 pandemic, lockdowns and the shift to remote working have significantly changed attitudes towards organisations' attitudes toward shorter working weeks, a study by Henley Business School reveals. According to a new report titled “The four-day week: The pandemic and the evolution of flexible work”, working fewer days benefits both organisations and employees, including improving quality of work (64%), attracting and retaining talent (68%), and lowering stress levels (78%). Businesses that have implemented a four-day week are already reaping significant financial benefits, with those polled claiming to have saved an estimated £104 billion, or roughly 2.2% of the UK's annual turnover, the study finds. According to the study, the most appealing flexible working options for employees were working fewer days for the same pay while having the ability to choose which day they took off, with 69% stating that working fewer days for the same pay while having the ability to choose which day they took off was the most appealing option. Surprisingly, 61% said they would choose to take Fridays off as well. The pandemic has also improved attitudes toward working from home, with 51% of workers supporting a shift to home-working, up from 43% in 2019…
Read more at: https://www.peoplematters.in/article/employee-relations/whymajority-of-uk-businesses-are-switching-to-four-day-work-weeks-33177
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Productivity for the new Remote and Dispersed Workforce Chester Barnard identified as an individual employee’s “Zone of Indifference.” It is based on unwritten expectation between the individual and the organisation. The emerging themes in psychological contracts now are around work-life integration, flexible working arrangements, and portfolio careers. The most critical shift post the COVID pandemic is the mindset shift. We have moved from a mindset of “can we do this in person?” to “do we need to do this in person?”. This would mean the majority of the interactions with all stakeholders will move to a virtual mode. Workplace will be replaced by “My Space” that will be any space that allows 24/7 access and connectivity. While we already have many co-working models today, what I foresee happening is “Uberization of Workplace”, where employees will have to just use an App to locate the nearest workplace as per their convenience to just walk in, plug and play. As ‘remote everything’ is going to be the new mantra, the technology tools are enabling us to empower people and organisations to achieve more by enabling teams to collaborate from anywhere, delivering intelligent security and protecting privacy. We all know that the pandemic has accelerated the future of a reimagined workplace. It has brought an unexpected shift to the traditional workplace. We all realised that ‘Work is not somewhere you go, but something you do’. In the new normal, companies are seeking to restore stability – but this calls for a transformation in workplace design. With considerations relating to health, safety and operational flexibility entering the picture, I think that a new paradigm is needed. ..
Read more at: https://www.peoplematters.in/article/employeerelations/productivity-for-the-new-remote-and-dispersed-workforce-33191
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